The DGFT vide Notification No. 58/2015-2020, dated February 12, 2021 amended certain provisions of Chapter 1 and Chapter 2 of the Foreign Trade Policy, (2015-2020) (“FTP”), related to Import Export Code (“IEC”). As per amended provision: 1. DGFT issues IEC in electronic form (e-IEC). Application for issuance of e-IEC can be made directly on the […]
1) Who is responsible to deduct tax under section 194IC of Income Tax Act, 1961? Any person responsible for paying to a resident any sum by way of consideration under the specified agreement under section 45(5A) i.e. under the Joint Development Agreement, shall deduct tax at source. 2) What is meant by the Joint Development Agreement? […]
1) Who is responsible to deduct tax under section 194IB of Income Tax Act, 1961? Any person, being an individual or a Hindu undivided family (not covered under section 194I), responsible for paying to a resident any income by way of rent exceeding ₹ 50,000 for a month or part of a month during the […]
1) Preamble and Rational behind inserting Section 194-IA of Income Tax Act, 1961: Under section 195, on transfer of immovable property by a non-resident, tax is required to be deducted at source by the transferee. However, prior to 01-06-2013 there being no such requirement on transfer of immovable property by a resident except in the […]
What Payment is Covered u/s 194I? Rent includes service charges: – Service charges payable to business Centre’s are covered under the definition of rent, as they cover payments by whatever named called.
CS, LLB, PGDBA, DSL. Pooja Ojha With the latest Order passed by the Hon’ble National Company Law Tribunal (NCLT) on 22/06/2021 giving a nod to the Resolution Plan approved by the Committee of Creditors of the debt ridden Company, Jet Airways (India) Limited, for Rs. 15,432 Crores (approx.) of admitted debt including 7,808 Crores (approx.) […]
ACIT Vs Krishna Coil Cutters Pvt. Ltd. (ITAT Ahmedabad) On facts, it has emerged that the lender company has charged interest on the advances made to the assessee company. In the circumstances, the Hon’ble Calcutta High Court in the case of Pradip Kumar Malhotra vs. CIT (2011)338 ITR 538(Cal) has observed that advances given by […]
Additional Fees Waiver by MCA Through Circular No. 11/2021 and 12/2021 Dated : 30/06/2021” MCA (Ministry of Corporate Affairs) with latest notification dated 30.06.2021, in continuation of Circular no 06/2021 and 07/2021 dated 3rd May 2021 allow the additional fees waiver on the following 57 e-forms. The said forms can be filed without additional fees till 31st of […]
MCA allows Companies to transact all items through Video Conferencing or Audio-Visual means The Ministry of Corporate Affairs (Ministry) vide its notification dated 15th June, 2021 has allowed Companies to conduct Board Meeting on all matters without restriction through Video Conferencing or other Audio-Visual Means by making amendment in Companies (Meetings of Board and its […]
A startup means a company that is still in the early stages of its business. A startup is a young company that has just started. Startups are usually small and are initially funded and managed by a handful of founders or a single person. These companies offer products or services that are currently not offered […]
